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Money Transfer When Moving to Canada

Last update: 21/04/2022

Have you ever thought about international removals to Canada, only to find yourself feeling a little stumped by thoughts of currency exchanges and the like? If this is something you have experienced, you wouldn’t be alone - which is why, today, our team is on hand to help you find out a little more about the different money transfer solutions and opportunities you could consider for your shipping to Canada. It’s really not as hard as it sounds, and you’ll soon be on your way to enjoying a new life in Canada overall.

How to Transfer Money to Canada from the UK

Transferring money from Canada to the UK can seem like a complicated process, but in reality, it’s not actually as tricky as it might seem. With this in mind, today, we’ve outlined the key steps you should know as follows to help you move to Canada easily and without the hassle – and, critically, ensure your currency exchange efforts are simple and straightforward overall.
If you are considering to take some cash with you while travelling to Canada, you should always double check how much money you bring to Canada. This will help you to avoid potential problems with Canadian customs.

Transferring Money Through Your Banking Provider

The first, and perhaps the most obvious, method you might consider for transferring money to Canada from the UK is simple: through a banking provider. Indeed, in many cases, your bank will be able to help you transfer your Pound Sterling into Canadian Dollars – but the exact requirements for this process will usually depend on your banking provider. Indeed, every bank is a little different; as such, ideally, you should reach out to your chosen bank to find out more.

Sending money to CanadaNotably, using a bank for money transfer is incredibly effective for those who want a fast and hassle-free money transfer solutions. However, you may find that banks request high fees or poor exchange rates, which may leave you spending more to transfer your GBP into CAD than if you’d partnered with a money transfer specialist instead.

So, how much does it cost to transfer money through your Banking provider? Well, as we’ve already stated, this will vary from bank to bank. However, most banks will usually charge in the region of £10-£20 for a money transfer, although this will usually increase if you are transferring a large sum of money. For example, Natwest charges 0.3% for money transfer services for exchanges over £5,000, up to a maximum fee of £40. Meanwhile, Barclays charge a premium of £15 if you’d like priority money transfer services.

It’s worth noting that, in many cases, the recipient of the money will also be charged a fee to accept the transfer, depending on the value of the transfer.

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Using a Money Transfer Specialist

While there’s no single way to transfer money to Canada from the United Kingdom, for many people, partnering with a money transfer specialist can be one of the easiest ways to go about this. Indeed, money transfer specialists – as the name would suggest – are there to ensure that you get the best solutions for your own money transfer goals. As such, they offer the notable benefit of providing much more generous exchange rates, in many cases, than banks. However, you’ll need to sign up for an account with your chosen money transfer specialist and may need to wait for approval after creating your account, which may delay the process of starting the money transfer.

Some common providers of money transfer services include:

  • Wise
  • Paypal
  • Global Reach
  • Currency Solutions
  • OFX
  • Moneycorp

Money transfer providersIf you’ve been looking to find the best deal for money transfer to Canada, we recommend heading to a price comparison website as part of your research, as these can help you find the most affordable solution for your transfer needs. What’s more, money transfer sites such as MoneySupermarket can also give you information about the potential exchange rates and transfer speeds, which can definitely help you make a quicker and more informed decision overall.

However, we highly recommend that you still do further research, and check the quoted values before undertaking an exchange to ensure you’re getting a good deal. What’s more, it’s not uncommon for money transfer providers to change their rates regularly, which could impact your final choice; ideally, look for a money transfer team that’s reputed for offering fair exchange rates and rapid solutions.

As standard, when you partner with a money transfer platform, you’ll receive around 1% to 2.5% more than when you partner with a professional bank. As such, this could be well worth considering, especially if you have been planning a larger sum of money for your transfer. For example, if you were transferring £10,000 of savings for your new life in Canada, you’d potentially receive around £250 more than you would with a bank; that’s the equivalent of roughly an additional $400 CAD.

How Much is the CAD Worth Versus the Pound?

Exchange rates continually change, and this could impact the final amount of CAD you receive for your exchange. For example, between the 22nd February 2022 and the 1st March 2022 – just a one-week period – the exchange rate fell by by around 0.03 cents per pound. So, if you had transferred £10,000 on the 22nd of February, you would have received up to $17,300 or so. However, if you had transferred a week later, you would only have received up to $17,000.

Unfortunately, there’s no single value for the exchange rate between pounds and Canadian dollars. However, a quick search engine search for “GBP to CAD” will rapidly give you information about the expected exchange rate. This can then allow you to determine whether your money transfer provider is offering a fair rate; but you should note that almost all money transfer providers will reduce their exchange rate from the values quoted by Google. Always check you’re happy with the terms before agreeing to any money transfer.

Final Thoughts

If you have been looking to removals to Montreal, Hamilton or any other location, only to find yourself feeling a little stumped by converting your money into Canadian Dollars, then we hope today’s guide may have helped. Indeed, moving to Canada doesn’t need to be a massive challenge, and we hope today’s money conversion strategies could offer an opportunity in this regard. After all - moving to Canada can offer so much potential, and there’s certainly a lot to love when you’ve got the best money transfer options in place.